2023-06-16 01:10:55
© Reuters. Adobe Logo 06/13/2022 REUTERS/Ruvic Data/Illustration
Por Samrhitha A
(Reuters) – Adobe (NASDAQ:) beat Wall Street’s expectations for quarterly results and forecasts on Thursday as its efforts to boost demand with generative artificial intelligence (AI) integrations paid off.
Shares of the San Jose, Calif.-based company were up more than 5% in the aftermarket.
Adobe’s effort to drive innovation in artificial intelligence has been evident with the introduction of AI capabilities in its Acrobat, Express, Photoshop and Premiere Pro programs.
Earlier this month, Adobe said it would offer its artificial intelligence imaging tool Firefly to its large enterprise customers with financial compensation for copyright disputes involving content created with the tools.
“Users have already generated more than half a billion assets on the Firefly website and Photoshop, making these two of our most successful beta launches in company history,” Adobe Chief Financial Officer Dan Durn told Reuters.
Analysts see generative AI as a short- and long-term boon for the creative and experience businesses, which could be a catalyst for revenue growth through 2024.
The company forecast current-quarter revenue to be in the range of $4.83 billion to $4.87 billion, and raised fiscal 2023 revenue to between $19.25 billion and $19.35 billion, according to data from Refinitiv.
Revenue was $4.82 billion for the quarter ended June 2, compared with analyst estimates of $4.77 billion, while adjusted earnings were $3.91 per share, above estimates of $3.79. per share.
(Reporting by Samrhitha Arunasalam in Bengaluru, Editing)
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